Economists in Philly Fed Survey Lower Forecasts

The outlook for the U.S. economy and labor markets is weaker this quarter than it was three months ago, according to a quarterly survey released Friday by the Federal Reserve Bank of Philadelphia.

According to the regional bank’s Survey of Professional Forecasters, real gross domestic product is expected to grow at only a 1.6% annual rate this quarter and 2.2% in the fourth quarter, down from 2.5% and 2.6% forecast three months ago.